The Regulation on Wholesale Energy Market Integrity and Transparency (REMIT) is an EU regulation designed to increase the transparency and stability of the European energy markets while combating insider trading and market manipulation. The main purpose behind REMIT is to outlaw market abuse in the wholesale gas and power market in Europe and it applies to all physical and financial trades where the supply is intended for the EU network. REMIT is part of the “third package” of rules that are intended to move the EU towards a single wholesale market through:

• defining market abuse including market manipulation, attempted market manipulation or insider trading,
• explicitly prohibiting market abuse,
• requiring effective and timely public disclosure of inside information by market participants,
• requiring firms to professionally arrange transactions to report suspicious transactions.

Anyone who executes a trade for delivery inside the EU – no matter where in the world they are based – is subject to the rules. In this sense, REMIT is distinct from many financial regulations. REMIT is enforced by National Regulatory Authorities (NRAs), who are usually energy regulators. For example, in Germany the Market Transparency Unit for Wholesale Electricity and Gas Markets, a joint institution by the Bundesnetzagentur, Germany’s regulator for electricity & gas, telecommunications, post and rail markets, and the Bundeskartellamt, Germany’s competition regulator, is responsible for executing REMIT. The entire effort is coordinated on an EU-wide basis by ACER, the Agency for the Cooperation of Energy Regulators.

REMIT entered into force in December 2011, with reporting requirements being applicable from 2015 on. Since 2015, all participants have to report information about their trading activity on Organized Market Places to ACER as well as outside Organized Market Places.

For further information on Deutsche Börse Group’s positioning on the matter, find our statements and position papers under Publications.